Daedong expands and relocates its Canadian subsidiary… now aiming for 20% market share
Daedong expands and relocates its Canadian subsidiary… now aiming for 20% market share
- Since opening its Canadian subsidiary in 2019, Daedong has doubled its market share to 15% as of 2023, rising to a top-tier brand
- New facility in Milton is more than four times larger, capable of housing over 4,000 products and 10,000 types of parts
- Daedong is making a strong push into the Canadian market by meeting the needs of local dealers and customers, and laying the groundwork for future mutual growth
Daedong (co-CEOs Kim Jun-Sik and Won Yu-Hyun), a leader and pioneer in future agriculture, announced on December 5 that it has expanded and relocated its Canadian subsidiary and logistics warehouse to Milton, Ontario.
Since opening in 2019, Daedong's Canadian subsidiary has achieved some remarkable growth. In 2023, it recorded sales of approximately USD 138 million (KRW 190 billion), nearly tripling its sales compared to its first year. The company also surpassed a 15% market share in 2023, more than doubling its share since the subsidiary was established.
Given its potential in the Canadian market, Daedong is hoping to make its local business much more competitive by expanding and relocating to its new headquarters, which may serve the company’s mid to long-term goal of increasing its market share to over 20%. The relocated Canadian subsidiary in Milton (Mississauga, Ontario) consists of warehouse and office spaces totaling approximately 24,200m2 (approx. 7,300 pyeong), equivalent to 3.3 soccer fields and more than four times larger than the previous facility. In particular, the new warehouse has a larger storage capacity by 260% compared to the previous facility and can hold roughly 4,000 Daedong products and related items at the same time. Additionally, it includes space for over 10,000 types of parts and features equipment that improve inbound/outbound operations and the assembly efficiency of various attachments by more than 50%.
The core objectives of Daedong's Canadian subsidiary expansion and relocation are threefold: ▲meeting the needs of local dealers and customers; ▲establishing a foundation for mutual growth with customers, and ▲building infrastructure for future business expansion. Using its new warehouse, Daedong plans to provide customized assembly services and superior after-sales services (A/S), all in order to enhance customer satisfaction while laying the groundwork for mutual growth with customers and future business expansion.
Meanwhile, Daedong's Canadian subsidiary hosted a grand opening event at the end of October to celebrate its relocation. The event was attended by over 100 guests, including top dealers, Daedong executives and employees, representatives from the Consulate General of Toronto, Milton city officials, and local partners. At the event, Daedong shared its achievements in Canada so far as well as its vision for the future. The company's plans for future growth have received positive responses from local customers and media, drawing significant attention. Based on this momentum, Daedong intends to accelerate its sustained growth in the Canadian market.